3Q earnings roundup: ADCB, DIB, Rakbank, Bank of Sharjah and du

Du’s 3Q growth is no longer a one-network show

Stronger demand across mobile, fixed, ICT, and wholesale services lifted du’s 3Q net income 7.3% y-o-y to AED 785.7 mn, while its revenue rose 7.1% to AED 4.1 bn, according to the telecom operator’s earnings release (pdf). Mobile revenues accounted for the largest portion of its final top line with AED 1.8 bn, followed by fixed revenues at AED 1.2 bn, according to the company’s financial statements (pdf).

On a nine-month basis, net income rose 10.8% y-o-y to AED 2.4 bn, while revenue increased 6.2% to AED 12.3 bn, outpacing the 4.1% growth in total direct costs. Like in 3Q, all segments within revenue posted solid growth.

Du is putting more money behind its next growth phase, with 3Q capex jumping 31.5% y-o-y to AED 647 mn — heavily directed toward data center infrastructure and network upgrades. Du is also getting mileage from its fixed and enterprise businesses rather than relying solely on mobile growth — service revenue grew 6.8% to AED 9.1 bn, with mobile subscribers rising 3.3% and fixed subscribers up 5.2%.

More non-interest income helps Rakbank’s 3Q

A sharp improvement in non-interest income helped drive Rakbank’s 3Q bottom line up 14.7% y-o-y to AED 810.7 mn, even as net interest and Islamic financing income slipped 0.3% to AED 945.6 mn, according to the lender’s financial statements (pdf). The bottom line got a boost from a AED 10.8 mn impairment release, compared with a AED 97.7 mn impairment charge a year earlier. FX and derivatives saw the biggest growth (+45.5 % y-o-y) within non-interest income, which rose 5.5% overall to AED 395.3 mn, helping its operating income edge up 1.3% to AED 1.3 bn.

The lender closed out 9M with AED 2.5 bn in net income, up 21.3% y-o-y. Total operating income rose 14.7% to AED 4.5 bn on the back of a diversified revenue base, the bank said in its earnings release (pdf). Earning asset growth pushed net interest income up 3.2% to AED 2.8 bn, and non-interest income made a stronger contribution to overall earnings with 37%, up from 30% for the same period last year.

Fees and lower credit costs held ADCB’s 3Q income

Higher non-interest income and lower credit costs propped up ADCB’s 3Q bottom line 15.2% y-o-y to AED 3.6 bn, while operating income rose 7.7% to AED 6.3 bn, according to the bank’s financial statements (pdf). Total net interest and Islamic financing income climbed 2% to AED 3.9 bn, while non-interest income jumped 19% to AED 2.5 bn, the lender said in its earnings release (pdf).

Fees and trading do the heavy lifting: Net fees and commissions rose 28% to AED 1.2 bn on the back of loan processing and trade finance fees, while trading income climbed 48% to AED 957 mn on higher gains from derivatives.

On a nine-month basis, ADCB’s bottom line jumped 27.1% to AED 10.3 bn as operating income climbed 10.2% to AED 18.3 bn. Once again, double-digit growth from fee and trading income helped push non-interest income up 21% y-o-y to account for 38% of total operating income.

DIB’s revenue grows, but higher impairments weigh on net income

Dubai Islamic Bank’s net income fell 4.1% y-o-y to AED 1.9 bn in 3Q 2026, even as total income rose 2.1% to AED 6.1 bn, according to the lender’s financial statements (pdf) and management discussion and analysis report (pdf). Impairment charges more than tripled to AED 120.8 mn from AED 35.6 mn a year earlier, offsetting a 15.6% drop in operating expenses.

On a 9M basis, net income slipped 1.3% y-o-y to AED 5.6 bn, while total income climbed 7.0% to AED 18.6 bn. Impairment charges more than doubled to AED 610.0 mn from AED 291.8 mn, though it eased from earlier in the year, with cost of risk falling to 25 bps for 9M, down from 28 bps in 1H and 45 bps in 1Q.

Financing is still growing much faster than deposits: Net financing assets rose 9.6% YTD to AED 287.1 bn, led by an 18% jump in the consumer portfolio to more than AED 93 bn, while customer deposits edged up just 1.0% to AED 323.5 bn. DIB has been leaning more on wholesale funding, raising USD 1 bn through an AT1 sukuk in June and later closing its first USD 750 mn syndicated Islamic financing facility.

Bank of Sharjah’s lending book powers 3Q earnings

Bank of Sharjah’s 3Q net income rose 18.1% y-o-y to AED 196.5 mn as operating income grew 12.6% to AED 292.2 mn, according to the bank’s financials (pdf). Net interest income jumped 29.7% to AED 252.5 mn, while income on properties jumped to AED 11.5 mn from AED 569k. On a 9M basis, net income rose 28.2% y-o-y to AED 558.6 mn, while operating income climbed 17.4% to AED 836.8 mn.

Loans hold the books together: The lending book expanded 24% from year-end to AED 37.7 bn in 9M, supporting interest income, according to its earnings release. The bank said growth reflected market-share gains and landmark wholesale banking transactions.